The trillion dollar meltdown : easy money, high rollers, and the great credit crash / Charles R. Morris.
Author: Morris, Charles R.
Edition: 1st ed.
Publisher: New York : PublicAffairs, c2008.
ISBN: 1586485636 (hbk.)
Description: xviii, 194 p.; 22 cm.
Subject: Capital market United States.
Finance United States.
Financial crises United States.
Contents: The death of liberalism -- Wall Street finds religion -- Bubble land: practice runs -- A wall of money -- A tsunami of dollars -- The great unwinding -- Winners and losers -- Recovering balance.
Summary: We are living in the most reckless financial environment in recent history. Arcane credit derivative bets are now well into the tens of trillions. According to Charles R. Morris, the astronomical leverage at investment banks and their hedge fund and private equity clients virtually guarantees massive disruption in global markets. The crash, when it comes, will have no firebreaks. A quarter century of free-market zealotry that extolled asset stripping, abusive lending, and hedge fund secrecy will come crashing down with it. The Trillion Dollar Meltdown explains how we got here, and what is about to happen.